GIC sells 50% stake in Sydney skyscraper for $889m

GIC targets to sell 50% of its stake in a 53-storey Sydney office skyscraper for $889m (A$900m) after the sovereign wealth fund announced that it was seeking to dispose about $2.75b (US$2b) worth of private equity portfolio, The Australian Financial Review reported.

With its decision, GIC has officially appointed JLL and Cushman & Wakefield to sell its stakes in Chifley Tower.

Designed by American architecture firm Kohn Pedersen Fox, Chifley Tower is a 244 m tall building which is home to tenants include Snapchat, Blackrock, Morgan Stanley, and UBS.